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“Do conglomerates in emerging economies suffer a diversification discount? An application on South African listed companies”Subbramoney, Praven 16 July 2011 (has links)
Corporate strategy forms the platform to consider fundamental strategic alternatives for an organisation. The recent financial crisis has been a sobering reality check for most companies. Diversification or specialisation are two of the more common configurations that corporate strategy theory would propose to grow and sustain financial performance, particularly during though times. Research conducted in developed markets since the 1950’s have tried to establish if diversification creates or destroys value. Conglomerates, defined as unrelated diversification, are often believed to translate into diversification discounts in developed economies. The application of this theory has been questioned with respect to emerging markets and the empirical results in these markets have been mixed. A conceptual approach using different approaches, institutional, resourcebased, adaptive and learning theories was used to try and explain the deviation in results attained by conglomerates within emerging markets and those in developed markets. Specific arguments and propositions were developed based on these different theoretical lenses for South Africa. These propositions were tested by statistical analysis of organisations listed on the Industrial sector of the Johannesburg Securities Exchange (JSE). The organisations were categorised into conglomerates or focused groups. The two groups were compared in terms of financial measures from the period 2001 to 2009 to determine which group performed better. / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted
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The Book and the Box: U.S. fiction, television, and authorship in the conglomerate eraBartlett, Christopher 23 February 2022 (has links)
The Book and the Box takes a new approach to understanding the relationship between the rise of television, the history of twentieth century fiction, and the shifting definitions of authorship in the United States during a period in which large media conglomerations began acquiring and merging with literary publishing houses. I demonstrate that the mechanisms of media convergence threatened previous, romantic notions of authorship and resulted in crises of agency and authority for many writers struggling to survive in a new world of transitioning media forms and audiences. My study uncovers a shadow history of postmodernism that has thus far been left buried by lagging scholarship on individual authors’ careers.
The first chapter sets up the context for my dissertation by offering a new approach to looking at the history of media studies as it relates to the televisual and literary author. I argue that the major strands of media studies as an academic discipline have largely sacrificed the writer/author in order to emphasize television’s status a cultural mirror and institutional product. I believe that emphasizing the problem of authorship helps us better appreciate the aesthetic and cultural history of television and literature. Chapter 2 examines Rod Serling’s struggles to gain control over his television scripts despite the collaborative nature of the medium. Serling, I argue, made myriad sacrifices with his series The Twilight Zone, embracing a genre that wasn’t taken seriously and becoming a salesman for his series and the products sold by the sponsors of his series. Chapter 3 argues that Harlan Ellison’s idealized notion of writing as a solitary act was irreconcilable with the collaborative nature of the televisual medium, pitting him against producers and fans. Finally, chapter 4 looks at Ishmael Reed and Bill Gunn’s little-discussed meta soap opera Personal Problems. I argue that, contra Ellison and Serling, Reed and Gunn embrace the collaborative nature of television as a means of creating what they saw as authentic representation of Black life in America thus far missing from mainstream television.
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An exploratory analysis of the relationship between organization types based on degree of conglomeration and selected market performance criteria in the property and liability insurance industry in the state of Ohio in 1970 /King, Alan Lee January 1972 (has links)
No description available.
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An exploratory analysis of the relationship between organization types based on degree of conglomeration and selected market performance criteria in the property and liability insurance industry in the state of Ohio in 1970 /King, Alan Lee January 1972 (has links)
No description available.
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Ch3- U-Pb zircon data for Plutonic Clasts from ConglomerateWai Kehadeezbah Allen (14671736) 17 May 2024 (has links)
<p>U-Pb zircon datasets for Plutonic Clasts collected from conglomerate are presented first as a summary that includes sample name, GPS location, and datatables for each sample.</p>
<p><br></p>
<p>Additionally, raw datasets for each sample are included that includes detailed information on laser settings for each analyses</p>
<p><br></p>
<p>Note: Sample 062618WA-01 is included in one raw dataset as three igneous samples were analyzed on the same sample mount. This particular sample is a bedrock sample. Use caution</p>
<p><br></p>
<p>All analyses were completed at the University of Arizona Laserchron Center (NSF-EAR 1649254)</p>
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The role of government in the restructuring of the Hong Kong economy, 1945-1970.January 1998 (has links)
by Chan, Cheuk-Wah. / Thesis submitted in: August 1997. / Thesis (M.Phil.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references. / Abstract also in Chinese. / Chapter CHAPTER ONE --- p.1. / Chapter 1.1.-- --- The main theme / Chapter 1.2. -- --- Theoretical background / Chapter 1.2.1. -- --- The proper role of the state in the economy / Chapter 1.2.2. -- --- Conception of the development state / Chapter 1.2.3. -- --- Politics of defining the role of the state / Chapter 1.2.4. -- --- The relative autonomy of the state / Chapter 1.2.5. -- --- "The ISH Model-- Institutions, Strategic actions of agents, Historical contingencies" / Chapter 1.2.6. -- --- The ISH Model and the economic dynamics in Hong Kong / Chapter CHAPTER TWO --- p.22. / Chapter 2 -- --- "Historical Background, Contingency and International Hurricane (from the mid of 1940s to the mid 1950s)" / Chapter 2.1. -- --- Introduction / Chapter 2.2. -- --- Historical background / Chapter 2.3. -- --- Conflicts between China and the West (Korean War and Cold War) / Chapter 2.4. -- --- Hong Kong's fluctuating economy and the colonial minimal government / Chapter CHAPTER THREE --- p.44. / Chapter 3. --- The Dynamics of the Process of Economic Restructuring and the Strategies of the Industrialists (1950s-60s) / Chapter 3.1. -- --- Introduction / Chapter 3.2. -- --- The path of economic restructuring / Chapter 3.2.1. -- --- Profile of textiles industry / Chapter 3.2.2.-- --- rofile of clothing industry / Chapter 3.2.3. -- --- Profile of toys and plastic industry / Chapter 3.3.-- --- Strategies of the Chinese industrialists / Chapter CHAPTER FOUR --- p.62. / Chapter 4. --- Hong Kong Government's Role and Selective Interventions in the Economy / Chapter 4.1. -- --- Introduction / Chapter 4.2. -- --- Monetary/fiscal policy with colonial bias / Chapter 4.3. -- --- Housing policy / Chapter 4.4. -- --- Investment and trade promotion / Chapter 4.5. -- --- Land and infrastructure development / Chapter 4.6. -- --- Influences on the prices and supplies of foodstuffs / Chapter 4.7. -- --- Productivity and quality support services / Chapter 4.8. -- --- Inadequate research and development policy / Chapter 4.9. -- --- Absence of industrial bank and few financial incentives for Industries / Chapter 4.10. -- --- Deficiency in manpower training for manufacturing / Chapter CHAPTER FIVE --- p.83. / Chapter 5. --- The Dominance of British Hongs' in Hong Kong / Chapter 5.1. -- --- Introduction / Chapter 5.2. -- --- The historical foundation of the British Hongs in Hong Kong and its political implication / Chapter 5.3. -- --- Dominance of the British hongs in Hong Kong in the period of1950-70 / Chapter 5.4. -- --- "The business activities of the Jardines, Matheson and Co. Ltd. in Hong Kong" / Chapter CHAPTER SIX -- --- CONCLUSION --- p.102.
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Segmentele finansiele rapportering van Suid-Afrikaanse konglomerateVermeulen, Roelof Andries 12 1900 (has links)
Thesis (MBA)--Stellenbosch University, 1993. / ENGLISH ABSTRACT: The success rate of an undertaking is normally measured against the industrial average of
the specific undertaking. In theory it is very easy, but in practice many problems arise
which must be overcome before any ratio analysis becomes meaningful.
All companies listed on the Johannesburg Stock Exchange were measured against the
definition of a conglomerate. After the selection there were efforts to divide all the South ·
African conglomerates into homogeneous groups according to an article by Amit & Livnat
(1990: 65-100) of the United States of America "Grouping of Conglomerates by their
segments' economic attributes: Towards a meaningful ratio analysis." Thereby a more
meaningful ratio analysis can be devised.
A method of selection was devised to select the conglomerates from the universe which
consisted of all listed companies on the Johannesburg Stock Exchange on 1 February
1993. Out of 685 companies 44 were selected as conglomerates.
When the USA article was applied to South Africa it appeared that, due tot various problems, it was impossible to apply the USA article directly to the South African situation.
Therefore the South African situation was approached differently.
Due to the fact that guidelines only existed according to which conglomerates report their
financial information segmentally, there were efforts to determine which methods were
applied by the 44 conglomerates and whether any uniform measures existed in the
segmental reporting.
After the analysis of the separate companies it was found that 19 of the 44 companies
which were selected as conglomerates report financial figures for their operational
segments; 16 companies disclose no segmental reporting; 17 companies only mentioned
certain segmental information in the directors' reports and 2 companies reported financial
information for their subsidiaries instead of operational segments.
From the research it becomes clear that segmental reporting was practiced in less than
50% of South African conglomerates. It appears that company management avoid
segmental reporting to ensure that opposition companies cannot benefit from it. / AFRIKAANSE OPSOMMING: Die mate van sukses van 'n onderneming word normaalweg aan die gemiddelde van die
industrie waarin die onderneming homself bevind, gemeet. Teoreties is dit baie maklik, maar in die praktyk ontstaan daar vele probleme wat oorkom moet word voordat enige
verhoudingsanalise enigsins betekenisvol kan wees.
Alle maatskappye wat op die Johannesburgse Effektebeurs genoteer is, is aan die definisie
van 'n konglomeraat gameet. Na die seleksie is daar aan die hand van 'n aftikel deur Amit & Livnat (1990: 65·'00) van die Verenigde State van Amerika "Grouping of Conglomerates
by their segments' economic attributes: Towards a more meaningful ratio analysis" .
gepoog om die Suid·Afrikaanse konglomerate in homogene groepe te deel. Sodoende word
'n meer sinvolle verhoudingsanalise daargestel.
'n Seleksiemetode is gevind om die konglomerate uit die universum, wat bestaan uit alle
maatskappye wat op 1 Februarie 1993 op die Johannesburgse Effektebeurs genoteer was,
te selekteer.
Met die toe passing van die VSA-artikel op Suid-Afrika het dit egter geblyk dat dit weens
verskeie probleme onmoontlik sou wees om die VSA-artikel direk op die Suid-Afrikaanse
situasie toe te pas. Daar is toe van die VSA-artikel afgewyk en die Suid-Afrikaanse situasie
is op 'n ander manier benader.
Aangesien daar slegs riglyne bestaan waarvolgens konglomerate segmentele rapportering
in hul finansiële state doen, is daar toe gepoog om te bepaal watter metodes die 44
konglomeraatmaatskappye volg en of daar enigsins 'n mate van eenvormigheid in hul
segmentele rapportering bestaan.
Nadat die verskillende bedryfsegmente van elk van die 44 maatskappye geïdentifiseer is,
is elkeen se finansiêle state sorgvuldig ontleed sodat daar vasgestel kon word of daar
enigsins finansiële rapportering in die verskillende bedryfsegmente plaasvind.
Uit die ontleding van die onderskeie maatskappye is daar gevind dat 10 van die 44
maatskappye wat as konglomerate geselekteer is, wel finansiële syfers in segmentele
verband rapporteer; 16 maatskappye doen geen segmentele rapportering nie; 7 maatskappye maak slegs in hul direkteursverslag melding van sekere segmentele inligting en 2
maatskappye rapporteer finansiële inligting in filiaalverband in plaas van bedryfsegmente.
Uit die ondersoek blyk dit dat segmentele rapportering in minder as 50% van SuidAfrikaanse
konglomeraatmaatskappye voorkom . Dit wil egter voorkom of maatskappybestuur
hul van segmentele finansiële rapportering in hul jaarverslae weerhou uit vrees dat
hul opposisiemaatskappye bevoordeel mag word .
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Segment Definition for Financial Reporting by Diversified FirmsBostrom, Donald E. 05 1900 (has links)
Both revenues and earnings of diversified firms are increasingly being reported, to the government and the public, on a subentity basis. Adequate criterial foundations do not exist to permit the effective general prescription of specific segment delineations, nor is it known whether such criterial assists can be usefully developed.Demands for segmentation in financial reports are currently intense. Actual reporting practices are largely nonstandardized as to either the definition of segments employed or, the disclosure modes used to present them. Neither conceptual nor theoretical supports are now adequate in guidance to the forms and levels of segmentation activity now required. Prerequisite to effective development of such supports is an-adequate understanding of the corporate diversification phenomenon itself. This dissertation project investigates and analyzes the nature of corporate diversification, as manifested in (1) its historical evolution; (2) general comprehensions of the phenomenon, as evidenced in published opinions and conceptual reasoning schemes of both authoritative experts and lay investors; and (3) formal research by others. Additionally, the results of these investigations and analyses are developed into conceptual schemes and theoretical frameworks, at moderate levels of abstraction.
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Hétérogénéité versus homogénéisation des politiques de gestion des ressources humaines au sein d'un groupeBidoli, Fanny 18 November 2011 (has links)
Cette thèse se focalise sur une analyse de l’hétérogénéité des politiques de GRH subie par les entités, en balance avec un souhait d’homogénéisation émanant du Groupe.Dans le cadre d’un Groupe de type conglomérat issu de rachats de sociétés ou encore de gains de marchés, les politiques de GRH peuvent effectivement être hétérogènes. Cependant, la tendance actuelle encourage à une homogénéisation de ces politiques.Cette recherche propose d’analyser la dynamique des processus d’homogénéisation en trois temps. Nous identifions donc en premier lieu l’origine de l’hétérogénéité des politiques de GRH, puis les raisons de son maintien, ou, a contrario, de son homogénéisation. Pour ce faire, nous nous appuyons sur un cadre conceptuel élaboré sur la base d’une théorisation multiple articulée en termes de grille d’analyse autour de l’approche de la contingence des RH, de la culture d’entreprise et des apports de Crozier et Friedberg relatifs à l’acteur (1977).D’un point de vue empirique, cette recherche est effectuée dans le cadre d’une Convention CIFRE au sein de la Région Sud Est de la Division Propreté d’un Groupe dédié aux services à l’Environnement. Elle s’appuie sur une méthodologie qualitative et quantitative par un recours à des statistiques descriptives appliquée à l’analyse de trois politiques clés en matière de GRH : la rémunération, l’assurance complémentaire de frais de santé et le recrutement. Elle se concentre sur une catégorie peu étudiée, les ouvriers. / This doctoral thesis focuses on an analysis of the heterogeneity of HRM policies experienced by entities, balanced with a desire of homogenization from the Group they belong to.In conglomerate-type groups created from takeovers or from market gains, HRM policies can indeed be heterogeneous. However, the current trend goes towards the homogenization of these policies.This research aims to analyze the dynamics of the homogenization process in three stages. First, we identify the origin of the heterogeneity of HRM policies and the reasons for its maintenance, or, conversely, its homogenization.To do so, we rely on a conceptual framework based on a multiple theory using an analysis grid based on the contingency approach to HR, corporate culture and the contributions of Crozier and Friedberg related to the actor (1977).From an empirical point of view, the research is part of a CIFRE Convention in the Southeast Region of France of the Waste and Environmental Services division of an group dedicated to environmental services. It is based on a qualitative and quantitative methodology by the use of descriptive statistics applied to the analysis of three key policies in HRM: wages, health insurance, and recruitment. It focuses on a little studied group: the workers.
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Quartzitos e metaconglomerados auríferos da Sequência da Serra da Boa Vista, borda leste do Quadrilátero Ferrífero, MG, Brasil / Auriferous quartzites and metaconglomerates of the Sequência da Serra da Boa Vista, east Quadrilátero Ferrífero, MG, BrazilRossi, Gabriel 20 May 2010 (has links)
As ocorrências estudadas da Sequência da Serra da Boa Vista (SSBV) balizam a borda leste do Quadrilátero Ferrífero nos distritos Santa Rita Durão, Bento Rodrigues e Camargos, da cidade de Mariana até a norte de Catas Altas. Sua geologia e as mineralizações de ouro foram enfocados nessa pesquisa baseada em mapeamento 1:25.000, levantamentos estratigráficos detalhados, estudos mineralógico-petrográficos, litogeoquímicos multielementares e das mineralizações auríferas e de morfologia e microgeoquímica de grãos de ouro e minerais associados via MEV-EDS, visando-se a evolução precambriana e a metalogênese do ouro da SSBV, bem como suas relações com as demais rochas da área, principalmente dos supergrupos Minas e Espinhaço. A área compreende um embasamento arqueano granito-gnáissico TTG em contato milonítico com rochas supracrustais do Greenstone Belt Rio das Velhas (Supergrupo Rio das Velhas) e coberturas paleoproterozóicas dos supergrupos Minas e Espinhaço (anteriormente Série Itacolomi) e da SSBV, com coberturas cenozóicas de canga e alúvio-coluvionares. A SSBV é constituída por quartzitos micáceos com estratificações cruzadas acanaladas de pequeno porte a metaconglomerados, caracteristicamente com fuchsita e sulfetos detríticos, com grânulos a calhaus de metachert e, localmente, de itabiritos. Em menor quantidade e mais restritos ocorrem ainda metaconglomerados polimíticos com seixos de quartzitos, metacherts e itabiritos, magnetita-cloritóide quartzitos com estratificações cruzadas acanaladas de pequeno porte com intercalações de grafita e hematita filitos e turmalinitos, assim como metabrechas intraformacionais itabiríticas. Essas rochas apresentam facies xisto verde predominante, a anfibolito, na parte leste da área. A SSBV desenvolveu-se em uma bacia alongada, de direção geral norte-sul, compartimentada, diretamente sobre o embasamento arqueano, com contribuição quartzosa do complexo gnáissico migmatítico TTG e, possivelmente, dos Metagranitóides Borrachudos (arqueanos), e contribuição detrítica do ouro das rochas do Greenstone Belt Rio das Velhas. A compartimentação da bacia levou à sedimentação de facies distintas - ao menos, no início de sua evolução - reforçada por tectônica sinsedimentar ao longo da deposição; nas facies superiores da SSBV predominam amplamente quartzitos micáceos com lentes de metaconglomerados de grânulos de metachert. O ambiente deposicional remete a uma planície de rios entrelaçados, temporariamente alagada e retrabalhada em ambiente intramaré, com inundação marinha final. O estudo das minas Ouro Fino, Cata Preta e Tesoureiro e do garimpo Fazenda Gualaxo mostrou serem as mineralizações de ouro da SSBV singenéticas, de tipo paleoplacer, com remobilização por veios de quartzo internos ao pacote sedimentar (da SSBV), de origens diagenéticas a metamórficas - de tipo paleoplacer modificado. Os grãos de ouro da SSBV apresentam teores de prata variáveis de até 15%, sem paládio, reforçando a proveniência exclusiva do ouro do Greenstone Belt Rio das Velhas. Os resultados obtidos e as observações nas continuações setentrionais da SSBV, incluindo o garimpo do Morro da Água Quente e as minas históricas de Pitanguí, Quebra Osso até Brumado, apontam para um padrão metalogenético único de mineralizações auríferas singenéticas de tipo paleoplaceres e paleoplaceres modificados, descaracterizados em proporções variáveis por retrabalhamentos tectono-metamórficos policíclicos. O potencial aurífero regional da SSBV é confirmado como elevado e para a sua definição são recomendados estudos específicos prospectivos e de viabilidade econômica. / The Sequência da Serra da Boa Vista (SSBV) stratches in a narrow belt of quartzites and metaconglomerates along the eastern border of the Quadrilátero Ferrífero in the districts of Santa Rita Durão, Bento Rodrigues and Camargos from Mariana, Minas Gerais to north of Catas Altas. The geology and gold mineralizations of the SSBV were studied, based on 1:25.000 mapping, detailed stratigraphical cross sections, mineralogical and petrographical studies, lithogeochemistry, geochemistry of the gold mineralizations and morphology and microgeochemistry of gold grains and associated minerals via SEM-EDS in order to understand better the Precambrian evolution and the metallogenesis of the gold of the SSBV as their as its relationships to other rock units of the region, mainly the Minas and Espinhaço supergroups. The study area comprises an Archean basement of TTG granitic gneisses in mylonitic contact with supracrustal rocks of the Rio das Velhas Greenstone Belt (Rio das Velhas Supergroup) and Paleoproterozoic metasedimentary deposits of the Minas and Espinhaço supergroups (formerly, Itacolomi Series) and the SSBV, with Cenozoic canga and alluvial and colluvial covers. Regionally, greenschist facies metamorphism prevails, grading to amphibolite facies in the eastern part of the area. SSBV consists of micaceous quartzites with small-scale cross-bedding and metaconglomerates with granules and pebbles of metachert and, locally, itabirites, characteristically with fuchsite and detritic sulfides. In smaller amounts and more restricted there occur polymictic metaconglomerates (with quartzite, metachert and itabirite pebbles), magnetite-chloritoid quartzites (with small-scale cross-bedding and intercalations of graphite and hematite phyllites and tourmalinite layers), as well as intraformational itabiritic metabrecchias. SSBV deposits developed directly upon the Archean basement in a narrow, elongate basin oriented and subdivided longitudinally in a north-south direction that received quartzose sediments from the gneissic-migmatitic TTG Complex and possibly from the Archean Borrachudos Metagranitoid; detritic gold came from the Rio das Velhas Greenstone Belt. Initial basin subdivision and ensuing synsedimentary tectonics led to sedimentation of different facies. In the upper part of the SSBV micaceous quartzites with lenses of metachert-granule metaconglomerates predominate. The depositional environment in the basin was a coastal braided river plain with periodic marine incursion accompained by intratidal reworkings and, finally, shallow-marine inundation. The study of the Ouro Fino, Cata Preta and Tesoureiro mines and the Garimpo Fazenda Gualaxo showed the gold mineralizations of the SSBV to be syngenetic, of paleoplacer and modified paleoplacer types with diagenetic to metamorphic remobilization (quartz veins) within the sedimentary sequence. Gold grains of the SSBV show variable silver contents up to 15%, without palladium, demonstrating the exclusive provenance of the gold from the Rio das Velhas Greenstone Belt. Results and observations in the northern SSBV, including the Garimpo do Morro da Água Quente and the Pitanguí and Quebra Osso-Brumado historic mines, indicate a homogeneous metallogenetic pattern of syngenetic gold mineralizations of paleoplacer and modified paleoplacer types, obliterated in varying proportions by tectono-metamorphic polyciclic reworkings. This study confirms the high regional gold potential of the SSBV and recommends specific prospective studies and economic viability analyses for its more complete definition.
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